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The price will vary by region. It should be fairly simple, except that the hem will have to be taken out and redone after the side seams are taken in. Keep in mind that you need enough fabric to move comfortably, to sit and to cross your leg over your knee if that's your thing.
Also, next time consider buying either "skinny" cut dress pants--as opposed to the "slim" cut -- and look at pants from a European retailer like Zara or H&M, which all tend to be cut slimmer than U.S. brands. European designer brands (more expensive) are also cut a bit slimmer. They may cost more, but it could be worth it to you for the convenience of not having to go out and get your new clothes altered.
If the pants are high quality, then just have done what you want at a local tailor. If they are not high quality, donate them, and buy better next time, paying attention to the leg circumference. It is not worth it to anyone to alter junk clothes.
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